Google is reportedly shopping for its own Beats Music

Google Spotify Acquisition Rumor

Google may be on the prowl for a new music streaming service of its own, The New York Post has learned, as – just like Apple – the company is not particularly happy with its home-grown solutions.

According to unnamed music industry sources, Google “has been quietly surveying the landscape, as the [music streaming] sector explodes.”

“They’ve been having discussions with banks about how they’re shaping their future music strategy,” one source revealed, although there were no official talks between Google and companies that offer music streaming services.

Apparently Google doesn’t like the poorly chosen “Google Play Music All Access” name for its own streaming service, which is harder to market than catchier brands like Dr. Dre’s Beats. Furthermore, Google’s YouTube is currently working on a streaming service called “Music Pass,” which could launch in October.

According to the publication, some people speculate that Spotify is the best choice for Google right now, although other companies including Pandora, Rdio and Rhapsody may also be on the list.

Spotify, which recently announced it has more than 10 million paying subscribers and more than 40 million customers in total, is valued at $4 billion, and it’s reportedly on track for a fall IPO.

“The fear is that Spotify gets so big no one can catch them,” one music industry source told the Post.

Apple has purchased Beats to market its own music streaming service alongside the regular iTunes a la carte music-selling business. A recent report revealed the iPhone maker may have been forced to buy Beats to better compete against Spotify and Pandora, after having ignored these services in the past. The $3 billion purchase was the largest Apple acquisition to date.

Google, meanwhile, isn’t afraid to spend billions of dollars on new companies, having made several such purchases in the last few years, including the massive $12.5 billion it paid for Motorola.

Source:
New York Post
blog comments powered by Disqus